UPSC CSE Prelims 2021 Q5 — Indian Economy PYQ with Answer

With reference to 'Urban Cooperative Banks' in India, consider the following statements :

1. They are supervised and regulated by local boards set up by the State Governments.

2. They can issue equity shares and preference shares.

3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966.

Which of the statements given above is/are correct?